The Argentine government defaulted on a $2.1 billion maturity with the Paris Club

The Ministry of Economy is seeking to swap the sovereign debt, while at the same time holding negotiations with the International Monetary Fund (IMF) and the Paris Club. Argentina owes the International Monetary Fund $44 billion, while the European Union recognized debt and made a payment plan, which is not fulfilled. It would not alter relations with Argentina. The very letter of the agreement allows for a 365-day default and renegotiation during that period.

Source: Clarín